Seoul: South Korean stocks surged by more than 5 percent on Monday, reaching a new high as the Korea Composite Stock Price Index (KOSPI) approached the 7,000-point mark. Investors showed a strong interest in semiconductor shares while closely watching the progress of U.S.-Iran peace talks. The Korean won also saw a sharp increase against the U.S. dollar.
According to Yonhap News Agency, the KOSPI climbed 338.12 points, or 5.12 percent, closing at a record high of 6,936.99. This significant rise in the stock market highlights the growing confidence among investors in South Korea's economic outlook, despite ongoing global uncertainties.
In related developments, Ryoo Sang-dai, the senior deputy governor of the Bank of Korea, indicated that it might be time to consider a rate hike. This suggestion comes on the back of the country's stronger-than-expected economic growth in the first quarter, even amidst the tensions stemming from the ongoing conflict in Iran.
Additionally, a special counsel team, led by Kwon Chang-young, reported finding evidence of a military unit preparing for martial law as early as the first half of 2024. This discovery is part of an investigation into allegations against former President Yoon Suk Yeol and his unsuccessful attempt at declaring martial law, a matter not fully addressed in previous investigations.